Overview of Marketing for MKT243

00:48:09
https://www.youtube.com/watch?v=6IeSssKTBXY

摘要

TLDRThis video provides an overview of marketing fundamentals including the definition of marketing, the elements of the marketing mix (the four Ps: product, price, place, promotion), marketing management philosophies (production, sales, market, and societal orientations), and external marketing environment factors (demographic, economic, political, technological, and competitive factors). The speaker emphasizes the importance of understanding these concepts for effective marketing strategies in today's business landscape.

心得

  • 📈 Marketing is about creating value through products and services.
  • 💡 The marketing mix consists of Product, Price, Place, and Promotion.
  • 🔍 Understanding consumer needs is key to successful marketing.
  • 🤝 Exchange requires mutual value and the willingness to trade.
  • 🏢 Societal marketing focuses on long-term societal welfare.
  • 📊 The external environment includes demographic, economic, and technological factors.
  • 🏆 Competitors influence how businesses position themselves in the market.
  • 💻 Technology has reshaped how products are marketed and sold globally.
  • 📅 Markets evolve over time, requiring marketers to adapt strategies.
  • 📦 Creating loyal customers ensures long-term profitability.

时间轴

  • 00:00:00 - 00:05:00

    The introductory chapter of marketing fundamentals is presented, outlining the syllabus which comprises eight chapters. The session focuses on an overview of marketing, covering key concepts like the marketing mix, management philosophies, and the external marketing environment. By the end of the session, students should grasp these fundamental aspects of marketing.

  • 00:05:00 - 00:10:00

    The definition of marketing emphasizes it's an activity involving creating, communicating, delivering, and exchanging offerings that have value for customers. The concept stresses that marketing goes beyond just a department's activities, highlighting the need for collaboration among various stakeholders to meet customer demands and facilitate exchanges.

  • 00:10:00 - 00:15:00

    The conditions for an exchange to occur are outlined, necessitating two parties, mutual value, communication, freedom to accept or reject offers, and a willingness to deal with each other. These conditions are essential for any transaction, illustrating that exchanges are a fundamental part of marketing activities.

  • 00:15:00 - 00:20:00

    The elements of the marketing mix are introduced, which consist of the 4 P's: product, place, price, and promotion. Each P addresses a different aspect of marketing, with product relating to the goods or services offered, place concerning distribution channels, price relating to the cost of products, and promotion involving communication strategies to inform and encourage purchases.

  • 00:20:00 - 00:25:00

    Delving deep into each element, the product is defined as anything offered to satisfy a need or want. Place involves the distribution channels enabling products to reach consumers, and price encapsulates the perceived value that consumers exchange money for. Lastly, promotion is highlighted as the means to encourage and support sales through various marketing tools and methods.

  • 00:25:00 - 00:30:00

    The session transitions to marketing management philosophies, illustrating the evolution from production orientation to more contemporary approaches like societal marketing orientation. Each phase represents a shift in focus from internal capabilities to a broader understanding of customer needs and societal impacts.

  • 00:30:00 - 00:35:00

    The societal marketing orientation is detailed as a philosophy that not only seeks to satisfy consumer needs but also considers the long-term interests of society. This involves offering products that are health-conscious and environmentally friendly, aligning business practices with societal health and well-being.

  • 00:35:00 - 00:40:00

    The discussion shifts to the external marketing environment, which encompasses macro-level factors influencing marketing strategies. This includes social, demographic, economic, technological, political, and competitive factors that organizations must navigate to establish and maintain customer relationships.

  • 00:40:00 - 00:48:09

    Key demographic insights are shared, including shifts in family dynamics and the changing roles of individuals, particularly working women. The significance of understanding these external factors is emphasized, along with the need for organizations to adapt their marketing strategies to accommodate these shifts in consumer behavior.

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思维导图

视频问答

  • What are the four Ps of marketing?

    The four Ps of marketing are product, price, place, and promotion.

  • What is the definition of marketing?

    Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers.

  • What is meant by the marketing mix?

    The marketing mix refers to the combination of product, place, price, and promotion that a company uses to market its offerings.

  • What are the conditions necessary for an exchange to take place?

    There must be at least two parties, something of value for each party, the capability of communication and delivery, the freedom to accept or reject the exchange offer, and mutual desire to deal with each other.

  • How has marketing management philosophy evolved?

    Marketing management philosophy has evolved from production and sales orientations to market and societal orientations.

  • What factors are considered part of the external marketing environment?

    The external marketing environment includes demographic, economic, political, legal, technological, and competitive factors.

  • How does consumer behavior affect marketing?

    Consumer behavior is influenced by social and demographic factors, which can change over time, impacting how marketing strategies are developed.

  • Why is it important to consider competitors in marketing?

    Understanding competitors helps businesses differentiate their offerings and create effective strategies to gain market share.

  • What role does technology play in marketing today?

    Technology drives innovation and efficiency, influencing how products are marketed and how businesses operate in an increasingly digital marketplace.

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  • 00:00:00
    hi guys assalamu alaikum and greetings
  • 00:00:03
    so welcome to the first chapter of mktp
  • 00:00:06
    243 on fundamentals of marketing
  • 00:00:10
    so in this
  • 00:00:12
    fundamentals of marketing syllabus we're
  • 00:00:15
    going to learn eight chapters which
  • 00:00:17
    basically today i'm going to cover with
  • 00:00:19
    you on the overview of marketing okay so
  • 00:00:22
    hopefully
  • 00:00:23
    each and every week we will be able to
  • 00:00:25
    do one chapter each until the eighth
  • 00:00:28
    week
  • 00:00:28
    which is on the contemporary topics in
  • 00:00:31
    marketing
  • 00:00:34
    so for today this is the learning
  • 00:00:35
    objective or
  • 00:00:37
    by the end of this particular video or
  • 00:00:39
    session i will hope that everyone okay
  • 00:00:42
    will be able to understand on the
  • 00:00:44
    overview of remarketing the elements of
  • 00:00:46
    marketing mix okay there are four p's uh
  • 00:00:50
    we will look into that one later on and
  • 00:00:52
    then on the understanding of marketing
  • 00:00:54
    management philosophies as well as the
  • 00:00:58
    external in marketing environment so
  • 00:01:00
    let's get started
  • 00:01:04
    okay when you hear the word marketing
  • 00:01:05
    what comes to your mind okay perhaps um
  • 00:01:08
    in the previous class i have mentioned
  • 00:01:10
    to you marketing is actually about
  • 00:01:13
    everything that um you use or you
  • 00:01:17
    wear or you eat okay so it is basically
  • 00:01:21
    about products okay yes it's about
  • 00:01:23
    product about services when you talk
  • 00:01:26
    about yes there are advertisement is
  • 00:01:28
    marketing if there is a discount it's
  • 00:01:31
    marketing when you go to a shopping mall
  • 00:01:32
    it's marketing okay
  • 00:01:34
    so um
  • 00:01:36
    let's first look at the
  • 00:01:38
    market
  • 00:01:39
    okay so market is actually the actual
  • 00:01:43
    or potential buyers of a product so
  • 00:01:47
    please put in your mind from now onwards
  • 00:01:50
    when i say the word market it is not
  • 00:01:53
    that wet market or supermarket okay so
  • 00:01:56
    markets are actually people right so
  • 00:01:58
    these people could be an actual buyer or
  • 00:02:01
    the potential buyers of any products
  • 00:02:04
    that is being sold
  • 00:02:07
    now we're going to learn on the
  • 00:02:08
    definition of marketing based on the
  • 00:02:11
    american marketing association's
  • 00:02:13
    definition which
  • 00:02:15
    they said that marketing is the activity
  • 00:02:17
    okay um or what they call it a set of
  • 00:02:21
    institutions and also processes
  • 00:02:24
    for what do they have this activity
  • 00:02:26
    institution and also process it's for
  • 00:02:29
    creating communicating delivering and
  • 00:02:31
    also exchanging offerings okay so these
  • 00:02:35
    offerings are basically products okay
  • 00:02:37
    which have value for customers client
  • 00:02:40
    partners and society at large basically
  • 00:02:43
    these are customers okay and marketing
  • 00:02:45
    involves more than just the activities
  • 00:02:47
    performed by a group of people defined
  • 00:02:50
    in the area or a department of an
  • 00:02:52
    organization so
  • 00:02:55
    in an organization you will normally see
  • 00:02:58
    there is a marketing department okay or
  • 00:03:01
    a unit of marketing but it is not just
  • 00:03:04
    about or involving these people okay but
  • 00:03:07
    rather when you talk about creating
  • 00:03:09
    communicating delivering okay
  • 00:03:12
    there are interdependent parties okay or
  • 00:03:15
    interdependent people that will be
  • 00:03:17
    actually working together towards okay
  • 00:03:22
    delivering this particular
  • 00:03:24
    offerings that gives value to the
  • 00:03:27
    customers
  • 00:03:30
    so when you talk about exchange okay
  • 00:03:32
    when you offer something meaning to say
  • 00:03:34
    there is an exchange that means people
  • 00:03:37
    will give up on something in order to
  • 00:03:39
    receive something that they would rather
  • 00:03:41
    have
  • 00:03:42
    when you talk about exchanging that
  • 00:03:44
    means there must be something that you
  • 00:03:46
    give so that you'll be able to get
  • 00:03:47
    something else and common medium of
  • 00:03:50
    exchange is of course money okay today
  • 00:03:52
    we
  • 00:03:53
    uh always exchange using money and of
  • 00:03:55
    course um perhaps in the future okay uh
  • 00:03:59
    although the money is no longer
  • 00:04:02
    um
  • 00:04:03
    in terms of paper and also coins okay
  • 00:04:06
    but perhaps it is also includes the
  • 00:04:08
    bitcoins and so on
  • 00:04:10
    now when you talk about uh
  • 00:04:12
    exchanges now okay there are five
  • 00:04:14
    conditions that must be satisfied for an
  • 00:04:17
    exchange to take place number one there
  • 00:04:19
    must be at least two parties of course
  • 00:04:21
    when you want to do exchanges right you
  • 00:04:23
    want to exchange with somebody it must
  • 00:04:25
    be a list with two parties and each
  • 00:04:28
    party has something that might be value
  • 00:04:31
    of to the other party meaning to say
  • 00:04:33
    when somebody want to exchange something
  • 00:04:36
    both might be mutually accepting right
  • 00:04:39
    that
  • 00:04:40
    the person a and person b have something
  • 00:04:43
    that both person a and person b value
  • 00:04:47
    of course in the case of a customer and
  • 00:04:50
    also a seller the customer will value
  • 00:04:53
    the product and the seller will value
  • 00:04:55
    the money that you can exchange to when
  • 00:04:58
    you want to buy the product number three
  • 00:05:01
    each party is capable of communication
  • 00:05:03
    and delivery of course this is important
  • 00:05:05
    if you want to exchange something you
  • 00:05:07
    must be able to talk or at least you
  • 00:05:10
    text or you say something okay
  • 00:05:12
    communicate and tell that you want to
  • 00:05:15
    buy a thing or a product and there must
  • 00:05:17
    be a
  • 00:05:19
    delivery methods okay that is agreed
  • 00:05:21
    upon number four
  • 00:05:23
    each party is free to accept or reject
  • 00:05:25
    the exchange offer okay you cannot force
  • 00:05:28
    people to actually buy or you cannot
  • 00:05:30
    force people to sell to you right and
  • 00:05:32
    number five each party believes it's
  • 00:05:34
    appropriate or desirable to deal with
  • 00:05:36
    the other party because you know there
  • 00:05:38
    are many sellers okay and of course
  • 00:05:40
    there are many customers as well so each
  • 00:05:42
    party um
  • 00:05:44
    especially the buyers right uh will
  • 00:05:47
    think that it is appropriate to deal or
  • 00:05:50
    to to buy from that particular seller
  • 00:05:52
    right and it is desirable for them to
  • 00:05:55
    deal with one another right so um
  • 00:05:58
    there's a
  • 00:06:00
    note here exchange may not take place
  • 00:06:02
    even if all of this condition exists but
  • 00:06:05
    these conditions are necessary for
  • 00:06:06
    exchange to be possible okay at least
  • 00:06:10
    one of them of course number one
  • 00:06:11
    especially you cannot exchange with
  • 00:06:13
    yourself right when you talk about
  • 00:06:15
    exchanging with yourself you don't say
  • 00:06:17
    it's an exchange it is actually
  • 00:06:19
    changing again let you change your
  • 00:06:21
    clothes it's your own clothes right but
  • 00:06:24
    when you talk about exchanging in the
  • 00:06:25
    clothes meaning you have to exchange
  • 00:06:27
    with somebody else right
  • 00:06:31
    next moving on to the second part of
  • 00:06:33
    this chapter which is the elements of
  • 00:06:34
    marketing mix so this is simple there
  • 00:06:37
    are four pieces like i mentioned namely
  • 00:06:39
    product place promotion and also price
  • 00:06:42
    when i talk about marketing mix um it
  • 00:06:44
    doesn't matter which one come first okay
  • 00:06:47
    you can say okay it's product and the
  • 00:06:48
    promotion is priced and in place
  • 00:06:51
    as long as there are four of them okay
  • 00:06:53
    these four piece
  • 00:06:54
    let's look at product
  • 00:06:56
    what is actually a product product is
  • 00:06:58
    anything okay that can be offered to a
  • 00:07:01
    market for attention acquisition use or
  • 00:07:04
    consumption that might satisfy a need or
  • 00:07:07
    a one okay of course or when you talk
  • 00:07:10
    about wants and needs okay ones are
  • 00:07:13
    desires okay while needs are actually
  • 00:07:16
    things that you require to have in order
  • 00:07:19
    for your survival okay so i bet you will
  • 00:07:22
    be able to actually um what they call it
  • 00:07:26
    explain or give examples of what are the
  • 00:07:29
    ones and also the needs like
  • 00:07:32
    you need to eat
  • 00:07:34
    okay you need to eat
  • 00:07:36
    there is a need here meaning you need
  • 00:07:38
    food but what type of food you can just
  • 00:07:40
    eat rice
  • 00:07:42
    but you want to eat burger for example
  • 00:07:45
    okay so uh burger is a want that you
  • 00:07:48
    wanted to eat that burger but what you
  • 00:07:50
    actually need is actually any food will
  • 00:07:53
    do even
  • 00:07:55
    instant noodle you can actually use it
  • 00:07:57
    or you consume it as food isn't it but
  • 00:08:00
    you want to eat burger but you want to
  • 00:08:03
    eat ice cream you want to eat cheesecake
  • 00:08:05
    right so those are ones your desires
  • 00:08:08
    while needs are rather something basics
  • 00:08:10
    okay
  • 00:08:13
    so these are some of example of the
  • 00:08:14
    products okay you can see there are a
  • 00:08:16
    lot more of course you know each of them
  • 00:08:19
    next place
  • 00:08:20
    now place is actually putting products
  • 00:08:23
    in the market through marketing channels
  • 00:08:25
    which
  • 00:08:26
    are the sets of interdependent
  • 00:08:28
    organizations involved in the process of
  • 00:08:31
    making a product or service available
  • 00:08:34
    be it online or offline okay for the use
  • 00:08:37
    or consumptions of people when i talk
  • 00:08:40
    about place okay these are actually the
  • 00:08:42
    distribution
  • 00:08:44
    of the product from the point of the
  • 00:08:46
    factory okay to the point where people
  • 00:08:49
    can actually buy or use or consume the
  • 00:08:53
    product
  • 00:08:56
    so of course when you talk about places
  • 00:08:58
    all right there are many places which
  • 00:09:00
    includes of course the shops itself the
  • 00:09:03
    physical stores and also online
  • 00:09:07
    next one is the price what is actually a
  • 00:09:09
    price price is the amount of money
  • 00:09:12
    charged for a product or the sum of the
  • 00:09:15
    values that consumers exchange okay for
  • 00:09:18
    the benefits of having or using the
  • 00:09:20
    product so bear in mind that
  • 00:09:23
    price is not actually the
  • 00:09:27
    actual value of a product but rather
  • 00:09:30
    isn't a perceived value okay
  • 00:09:34
    is the sum of value that consumer
  • 00:09:36
    exchange meaning to say
  • 00:09:38
    some prices okay doesn't worth that much
  • 00:09:42
    but it is at that particular price okay
  • 00:09:45
    so it is actually when you talk about
  • 00:09:47
    what is actually price it's the amount
  • 00:09:50
    of money the customer need to pay to the
  • 00:09:52
    seller in order to buy the product okay
  • 00:09:55
    so that is in simple terms
  • 00:09:58
    lastly the promotion so promotion is
  • 00:10:00
    actually the activity that supports or
  • 00:10:02
    provides active encouragement for the
  • 00:10:05
    furtherance of a course venture aim
  • 00:10:08
    right which comprises of the promotion
  • 00:10:11
    mix or the promotion tools which are
  • 00:10:14
    advertising personal selling public
  • 00:10:17
    relations or the publicity and also
  • 00:10:20
    sales promotion okay so when you say
  • 00:10:23
    when you talk about you see a billboard
  • 00:10:25
    or you watch an advertisement you heard
  • 00:10:27
    about that particular advertisement in
  • 00:10:28
    the radio or you you scroll through your
  • 00:10:31
    instagram and you see a lot of um
  • 00:10:34
    sponsored uh advertising or sponsored
  • 00:10:37
    advertisement those are actually
  • 00:10:38
    promotion okay we will learn this
  • 00:10:40
    further in our chapter
  • 00:10:43
    seven if not mistaken okay
  • 00:10:47
    moving on i hope you are still with me
  • 00:10:50
    um my thing is already about 11 minutes
  • 00:10:52
    all right so um
  • 00:10:54
    this is on marketing management
  • 00:10:56
    philosophies so a little bit uh in what
  • 00:10:59
    they call it here history
  • 00:11:01
    about how marketing evolved right so it
  • 00:11:04
    was started from the production
  • 00:11:06
    orientation then it goes to the sales
  • 00:11:08
    orientation marketing orientation and
  • 00:11:11
    today a lot of people of the people and
  • 00:11:13
    also organization are doing the societal
  • 00:11:15
    marketing orientation let's look at each
  • 00:11:18
    of these
  • 00:11:20
    production orientation is actually
  • 00:11:22
    focusing on internal capabilities of a
  • 00:11:25
    firm rather than on the desires and
  • 00:11:27
    needs of marketplace this what happened
  • 00:11:30
    when you talk about production
  • 00:11:31
    orientation
  • 00:11:33
    you are looking at the organization
  • 00:11:34
    whereby they produce what they can
  • 00:11:38
    okay
  • 00:11:39
    based on their internal capability
  • 00:11:41
    meaning to say
  • 00:11:43
    if i know how to produce chocolate cake
  • 00:11:45
    okay so what i do is that i will just
  • 00:11:48
    sell the chocolate cake okay because i'm
  • 00:11:50
    very good at it so
  • 00:11:52
    regardless people want to have other
  • 00:11:55
    types of cake i cannot produce other
  • 00:11:57
    type of cakes because what i know is
  • 00:12:00
    actually i am able to produce a
  • 00:12:02
    chocolate cake so i am having this
  • 00:12:04
    production orientation
  • 00:12:06
    you are concerning with what it does
  • 00:12:10
    best okay based on its resources and
  • 00:12:12
    experience rather than with what
  • 00:12:14
    consumer wants so even though people are
  • 00:12:17
    asking me oh do you have a banana cake
  • 00:12:20
    or i said no i don't have banana cake
  • 00:12:22
    because i only have chocolate cake and i
  • 00:12:24
    know how to produce my chocolate cake
  • 00:12:26
    very well therefore i'm only gonna sell
  • 00:12:28
    chocolate cake
  • 00:12:30
    people i was asking do you have any
  • 00:12:31
    cheesecake no i don't have cheesecake do
  • 00:12:33
    you have any uh what are the kicks that
  • 00:12:36
    i have now creep
  • 00:12:38
    you know um the
  • 00:12:41
    red velvet cakes uh
  • 00:12:44
    any other types of cake no i don't have
  • 00:12:46
    all those cakes because i'm having my
  • 00:12:48
    production orientation in this
  • 00:12:50
    particular
  • 00:12:51
    bakery i only sell
  • 00:12:54
    chocolate cake all right
  • 00:12:56
    moving on to the second orientation
  • 00:12:58
    which is the sales orientation in sales
  • 00:13:01
    orientation it assumes that more goods
  • 00:13:03
    and services will be purchased if
  • 00:13:06
    aggressive sales techniques are used and
  • 00:13:08
    that will ha results in the high profits
  • 00:13:12
    what happened is that um it's similar
  • 00:13:15
    with the production orientation okay
  • 00:13:17
    because you do not look into what
  • 00:13:19
    customers want to have or want to buy
  • 00:13:22
    but rather you think of your own
  • 00:13:24
    capability
  • 00:13:26
    like for example i
  • 00:13:28
    am able to produce chocolate cake just
  • 00:13:29
    now so what i do is that although people
  • 00:13:32
    are asking for other types of cake but i
  • 00:13:35
    do not want to produce other cakes
  • 00:13:36
    because i do not know how to do that and
  • 00:13:39
    i don't want to acquire or learn new
  • 00:13:41
    skills to produce other cakes but rather
  • 00:13:44
    i will just sell okay so what i do is
  • 00:13:47
    that i have a lot of chocolate cakes so
  • 00:13:49
    i do an aggressive sell
  • 00:13:52
    sales towards this particular chocolate
  • 00:13:55
    cake aggressive here doesn't mean that
  • 00:13:56
    you gonna punch or kick that particular
  • 00:13:59
    person if you don't buy but rather you
  • 00:14:01
    do a lot of promotion i mean to say i
  • 00:14:03
    will always do
  • 00:14:05
    advertisement
  • 00:14:07
    tell about people tell the people about
  • 00:14:10
    my chocolate cake okay um
  • 00:14:12
    do let's say door to door selling
  • 00:14:15
    although now they don't really know to
  • 00:14:17
    do but maybe perhaps i will just um
  • 00:14:21
    advertise on my social media
  • 00:14:24
    on my watch app status and so on so that
  • 00:14:26
    people will
  • 00:14:27
    be able to expose to the information
  • 00:14:31
    which is about the chocolate cake so
  • 00:14:33
    that is when you do sales orientation
  • 00:14:36
    with the aim that you just simply sell
  • 00:14:39
    as many as possible
  • 00:14:41
    which
  • 00:14:42
    when you have a lot of sales it will
  • 00:14:44
    results in high profits
  • 00:14:48
    moving on to the third orientation which
  • 00:14:51
    is market orientation remember the word
  • 00:14:53
    market just now when i say in the first
  • 00:14:55
    few slides it's about people isn't it so
  • 00:14:58
    market orientation is where is the
  • 00:15:01
    marketing concept states that the social
  • 00:15:03
    and economic justification of an
  • 00:15:05
    organization's assistance
  • 00:15:07
    is the satisfaction of customer wants
  • 00:15:10
    and needs while meeting the
  • 00:15:11
    organizational objective so in market
  • 00:15:14
    orientation
  • 00:15:16
    there are this concept number one you
  • 00:15:19
    are focusing on customer wants and needs
  • 00:15:21
    so organization can differentiate its
  • 00:15:24
    product or products from the competitors
  • 00:15:27
    offerings
  • 00:15:28
    meaning to say you are going to focus on
  • 00:15:31
    what customer want so no longer just
  • 00:15:33
    about chocolate cake now today when i am
  • 00:15:36
    moving on or i am evolving my from into
  • 00:15:39
    this market orientation
  • 00:15:42
    what i'm concerned now is not only just
  • 00:15:44
    my own capability to produce the
  • 00:15:46
    chocolate cake but rather i'm focusing
  • 00:15:49
    on what the customer would like to buy
  • 00:15:52
    okay so when people are asking do you
  • 00:15:53
    have any cheesecake then i start to
  • 00:15:55
    think of okay i now need to also produce
  • 00:15:58
    cheesecake because there are demand of
  • 00:16:00
    this cheesecake
  • 00:16:03
    okay and then integrate all the
  • 00:16:05
    organization's activities including
  • 00:16:07
    production okay to satisfy these ones
  • 00:16:09
    and needs so let's say i told you just
  • 00:16:11
    now i do not know how to produce
  • 00:16:13
    cheesecake what i need to do is to learn
  • 00:16:16
    the new skill okay to acquire the
  • 00:16:18
    resources if i do not know how to bake
  • 00:16:20
    cheesecake i need to hire a chef that
  • 00:16:23
    can actually
  • 00:16:25
    bake a cheesecake okay or
  • 00:16:28
    i need to learn go for a course okay for
  • 00:16:31
    a training and learn and how to produce
  • 00:16:33
    a very nice cheesecake so that i will be
  • 00:16:36
    able to produce it that will satisfy the
  • 00:16:39
    customers once and nets and number three
  • 00:16:43
    achieving the long-term goals for
  • 00:16:44
    organization by satisfying customer
  • 00:16:47
    wants and needs legally and responsibly
  • 00:16:50
    when i'm talking about this market
  • 00:16:52
    orientation i no longer want just
  • 00:16:55
    customer come today and tomorrow they
  • 00:16:58
    will never come again okay so this is
  • 00:17:00
    when
  • 00:17:01
    i want customer to always come to my
  • 00:17:03
    battery or to my shop to always buy from
  • 00:17:06
    me that is by
  • 00:17:08
    making customer
  • 00:17:10
    loyal to you the long-term goals which
  • 00:17:13
    is when you have a loyal customer they
  • 00:17:16
    will always come back to you to buy
  • 00:17:18
    things right and you are able to make a
  • 00:17:23
    customer happy okay customers are
  • 00:17:25
    satisfied with your product they are
  • 00:17:27
    happy with the cheesecake so next time
  • 00:17:29
    they might want to come and order again
  • 00:17:31
    from you okay and they will also tell
  • 00:17:33
    other people hey go and order the
  • 00:17:35
    cheesecake from this particular shop
  • 00:17:37
    because they are very nice right
  • 00:17:40
    lastly the societal marketing
  • 00:17:42
    orientation which
  • 00:17:44
    here the organization assistance not
  • 00:17:48
    only to satisfy customer wants and needs
  • 00:17:50
    eh
  • 00:17:51
    now in market orientation just now we're
  • 00:17:53
    talking about this right not satisfying
  • 00:17:55
    customer wants and need but in this
  • 00:17:57
    societal marketing orientation
  • 00:18:00
    okay it is also to preserve or enhance
  • 00:18:03
    the individuals and society's long-term
  • 00:18:06
    best interests
  • 00:18:07
    which this orientation extend the
  • 00:18:09
    marketing concept to serve the three
  • 00:18:11
    bodies not only just the customer and
  • 00:18:13
    also the organization itself but also
  • 00:18:16
    society as a whole now when i look into
  • 00:18:20
    this particular business just now of
  • 00:18:22
    chocolate cake and manchester right in
  • 00:18:24
    societal marketing orientation if i were
  • 00:18:26
    to move on into this particular
  • 00:18:28
    orientation now what i will believe is
  • 00:18:30
    that i know cakes are not really healthy
  • 00:18:33
    for you to eat every day okay i
  • 00:18:36
    understand that people might be
  • 00:18:38
    concerned with the level of sugar
  • 00:18:40
    cholesterol and then you know when you
  • 00:18:42
    eat too much cakes then you'll be having
  • 00:18:45
    a lot of other diseases like diabetes
  • 00:18:48
    okay obesity and so on so taking care of
  • 00:18:52
    the long-term best interest of my
  • 00:18:54
    customers okay i
  • 00:18:56
    was thinking about okay i shouldn't be
  • 00:18:58
    only producing those types of cakes that
  • 00:19:01
    are fattening okay uh that are high in
  • 00:19:03
    sugar
  • 00:19:05
    what i need to do is actually to be
  • 00:19:06
    innovative okay to find out how people
  • 00:19:09
    can still eat cakes but will actually
  • 00:19:12
    also preserve their health or will not
  • 00:19:15
    harm their health right so i started to
  • 00:19:18
    learn on how to produce the gluten free
  • 00:19:21
    of cakes okay a healthier choices of
  • 00:19:24
    cakes like you know
  • 00:19:26
    carrot cakes um
  • 00:19:29
    trans fat feed freak trans fat free
  • 00:19:32
    cakes right uh what else um high fiber
  • 00:19:36
    cakes
  • 00:19:37
    with the
  • 00:19:38
    anything that can actually improvise or
  • 00:19:41
    improve the health of my customers okay
  • 00:19:44
    so that is when i enhance
  • 00:19:46
    the society's long-term best interest so
  • 00:19:49
    i don't want my p my customer to get
  • 00:19:51
    sick also okay of eating so much cakes
  • 00:19:54
    and so much sweetness in the cake so i
  • 00:19:56
    also take care of my customers so that
  • 00:19:59
    is actually societal marketing
  • 00:20:01
    orientation
  • 00:20:03
    so if you have any questions all right
  • 00:20:05
    so by far for now if you have any
  • 00:20:07
    questions just text me in our telegram
  • 00:20:09
    then i will be able to answer you um at
  • 00:20:12
    once right uh so this is actually the
  • 00:20:14
    slide where i um
  • 00:20:17
    summarize okay the whole concept of the
  • 00:20:20
    three orientation just now and they are
  • 00:20:22
    key ideas
  • 00:20:25
    moving on to the last part of this
  • 00:20:27
    chapter which is on the external
  • 00:20:29
    marketing environment
  • 00:20:31
    okay
  • 00:20:33
    if you feel tired you can just take a
  • 00:20:35
    take five first uh if not then you can
  • 00:20:38
    just continue with this particular video
  • 00:20:40
    um to be honest it's gonna be a little
  • 00:20:42
    bit um
  • 00:20:44
    long okay to be long about this
  • 00:20:46
    particular last part of this particular
  • 00:20:48
    chapter which excel marketing
  • 00:20:50
    environment includes
  • 00:20:53
    okay and the forces of factors okay
  • 00:20:56
    outside the marketing which affects
  • 00:20:59
    marketing ability to build and maintain
  • 00:21:02
    successful relationship with customers
  • 00:21:05
    so sometimes or we're going to use the
  • 00:21:07
    word external environment but sometimes
  • 00:21:10
    they're also known as the macro
  • 00:21:12
    environment so it's actually the same
  • 00:21:14
    thing so what are they
  • 00:21:18
    here in this particular slide you'll be
  • 00:21:20
    able to see the excel environment here
  • 00:21:23
    as i said just now the macro environment
  • 00:21:25
    here these are the factors that you
  • 00:21:27
    cannot control unlike this one the four
  • 00:21:30
    piece okay the four pieces are actually
  • 00:21:32
    internal
  • 00:21:34
    environment
  • 00:21:35
    okay which i already mentioned to you
  • 00:21:37
    just now the four piece product place
  • 00:21:39
    promotion price okay so these are within
  • 00:21:42
    the organization which organization can
  • 00:21:44
    control if you have a business then
  • 00:21:46
    you'll be able to control this your
  • 00:21:48
    product your place to produce uh sorry
  • 00:21:51
    to sell the product the promotion that
  • 00:21:53
    you wanted to do and then the price of
  • 00:21:55
    your product you are able to control
  • 00:21:57
    this however we're talking about the
  • 00:21:59
    macro environment or the external
  • 00:22:02
    environment
  • 00:22:03
    these are the five
  • 00:22:05
    demographic and social carries are
  • 00:22:08
    normally
  • 00:22:09
    coupled together and then you have the
  • 00:22:10
    economic factors political and legal
  • 00:22:13
    factors technology and also the
  • 00:22:15
    competition so all these factors are
  • 00:22:18
    actually affecting on how you do your
  • 00:22:20
    4-piece
  • 00:22:22
    and the target market
  • 00:22:24
    which are your customers
  • 00:22:26
    okay so we're going to learn on this
  • 00:22:29
    particular excel environment by scanning
  • 00:22:32
    all this environment to be
  • 00:22:34
    uh to be able to understand them so that
  • 00:22:37
    we somehow okay you cannot control of
  • 00:22:40
    course but somehow you are able to
  • 00:22:43
    tackle right tackle this particular
  • 00:22:46
    external environment
  • 00:22:49
    so these are the
  • 00:22:52
    external environment that i mentioned
  • 00:22:53
    just now let's first look at the
  • 00:22:55
    social factors social factors is related
  • 00:22:58
    to the values attitudes and lifestyle
  • 00:23:00
    these are talking about people's
  • 00:23:03
    characteristics gay people's
  • 00:23:06
    lifestyle you cannot
  • 00:23:08
    control them okay what people like
  • 00:23:11
    the attitude of people uh what do people
  • 00:23:13
    value right and then uh these are the
  • 00:23:16
    things which customers
  • 00:23:19
    constantly
  • 00:23:21
    change
  • 00:23:22
    okay even today you like something
  • 00:23:24
    tomorrow you don't like that thing
  • 00:23:25
    anymore okay your lifestyle uh today you
  • 00:23:28
    like to go to the library or this
  • 00:23:31
    semester you like to go to the library
  • 00:23:32
    next semester you like to go to the park
  • 00:23:34
    for example right so these lifestyles
  • 00:23:37
    change as it should so so today you uh
  • 00:23:40
    you like this particular brand but then
  • 00:23:42
    um after four sometimes you feel bored
  • 00:23:45
    with a particular brand so your attitude
  • 00:23:47
    has changed to with another brand okay
  • 00:23:49
    so
  • 00:23:50
    these are some of the social factors
  • 00:23:53
    that happen
  • 00:23:54
    uh
  • 00:23:55
    and it affects how
  • 00:23:58
    people actually wanted to buy your brand
  • 00:24:00
    or your product or not secondly we're
  • 00:24:03
    talking about the changing role of
  • 00:24:04
    families and also working women
  • 00:24:07
    uh the social factors also related to
  • 00:24:11
    how families are now
  • 00:24:13
    especially the role yeah
  • 00:24:15
    have changed
  • 00:24:17
    last time you were talking about only
  • 00:24:18
    your father works okay now father and
  • 00:24:21
    also and mother also works in the family
  • 00:24:24
    and of course there are also increasing
  • 00:24:26
    number of working women so last time
  • 00:24:29
    yeah people might say that woman only
  • 00:24:31
    stayed at home right after you get
  • 00:24:33
    married and then you just stay at home
  • 00:24:35
    cook and then do the house chores take
  • 00:24:37
    care of the kids but today no okay
  • 00:24:40
    this has changed and
  • 00:24:42
    there are increasing number of working
  • 00:24:45
    women and they are becoming an
  • 00:24:46
    independent woman that can actually
  • 00:24:49
    decide and buy things not only just for
  • 00:24:52
    the family but also for their own all
  • 00:24:55
    right and of course today
  • 00:24:57
    there is a poverty of time we talk about
  • 00:25:00
    poverty of time that is where time is
  • 00:25:02
    never enough therefore people wants
  • 00:25:05
    everything to be very very quick very
  • 00:25:07
    very fast you cannot wait you want
  • 00:25:09
    everything at your fingertips you want
  • 00:25:12
    everything to be done as quickly as
  • 00:25:14
    possible
  • 00:25:15
    same goes to when you want to order
  • 00:25:17
    things okay when you want to get things
  • 00:25:19
    done everything has to be very very fast
  • 00:25:22
    therefore
  • 00:25:23
    as a business or as a seller if you want
  • 00:25:26
    to uh launch a new product or you want
  • 00:25:29
    to sell your product you must make sure
  • 00:25:32
    there are available at the time where
  • 00:25:35
    customer would like to buy it
  • 00:25:40
    next part is the demographic okay so
  • 00:25:42
    what is actually demographic demography
  • 00:25:44
    actually is a study of human populations
  • 00:25:47
    which include the size density location
  • 00:25:50
    age gender race occupation and other
  • 00:25:53
    statistics
  • 00:25:54
    and when you talk about demographic
  • 00:25:56
    environment it involve people
  • 00:25:59
    which people are the market just now
  • 00:26:00
    right not okay
  • 00:26:02
    so
  • 00:26:03
    we're going to look at the cohorts here
  • 00:26:05
    right the cohort so you can see pictures
  • 00:26:08
    here these are the baby boomers
  • 00:26:10
    you can see how they look like of course
  • 00:26:12
    these are like your grandparents okay
  • 00:26:14
    uh the gen x
  • 00:26:16
    right the gen y
  • 00:26:18
    and also the gen z's gen z's are
  • 00:26:20
    basically the twins and also the teens
  • 00:26:22
    here which ages between 19 to 9 years
  • 00:26:26
    old i think i bet you are on this
  • 00:26:28
    particular cohort isn't it gen zis all
  • 00:26:30
    right
  • 00:26:31
    so why is it important to look into this
  • 00:26:33
    because this particular group or cohorts
  • 00:26:36
    or generations okay where is it gen y
  • 00:26:39
    mean generation wire uh sorry generation
  • 00:26:42
    y here gen x mean generation x gen z
  • 00:26:46
    means generation z
  • 00:26:48
    so uh this group of people buy things
  • 00:26:52
    differently so that's why we're going to
  • 00:26:53
    look into
  • 00:26:55
    each of this particular cohort
  • 00:26:57
    first let's look at the baby boomers so
  • 00:27:00
    baby boomers you can see this particular
  • 00:27:02
    person like granny okay your grandmother
  • 00:27:06
    all right so these are
  • 00:27:08
    people who born between 1946 to 1964
  • 00:27:12
    and there are the most affluent
  • 00:27:14
    customers you see things inside these
  • 00:27:16
    bubbles these are the things that
  • 00:27:17
    normally they will buy or they spend on
  • 00:27:20
    it right uh
  • 00:27:23
    talking about this particular
  • 00:27:25
    baby boomers generation they are now no
  • 00:27:28
    longer working typically they are
  • 00:27:30
    retired already okay so they stayed home
  • 00:27:34
    they already have their home and they
  • 00:27:36
    invested more towards things inside the
  • 00:27:38
    house they like to plant okay
  • 00:27:41
    um they have pets normally they have
  • 00:27:43
    pets and then they eat things that are
  • 00:27:45
    very healthy or they also like gardening
  • 00:27:48
    okay and then they do save money and
  • 00:27:51
    they have a lot of money actually okay
  • 00:27:52
    but normally they will not spend like um
  • 00:27:56
    you or like us okay which normally we
  • 00:27:59
    just buy a lot of things but they rather
  • 00:28:02
    sit down watch tv yeah they watch tv
  • 00:28:05
    they don't watch
  • 00:28:06
    um
  • 00:28:07
    [Music]
  • 00:28:08
    laptop or their computer or their phone
  • 00:28:11
    that much okay they
  • 00:28:14
    typically
  • 00:28:16
    watch tv and spend time at home right so
  • 00:28:18
    these are baby boomers
  • 00:28:20
    now there are most affluent in the way
  • 00:28:22
    that because they have
  • 00:28:23
    been in this world for for for so long
  • 00:28:26
    okay basically um you can count how old
  • 00:28:29
    they are basically now right so they
  • 00:28:31
    normally know what uh
  • 00:28:34
    uh the hardship okay they know the
  • 00:28:36
    hardship they know the value of things
  • 00:28:39
    they know the changes that happen
  • 00:28:41
    towards this particular
  • 00:28:43
    marketplace right and then um
  • 00:28:46
    they
  • 00:28:47
    re
  • 00:28:49
    they normally are very loyal to a
  • 00:28:52
    certain brand okay they don't want to
  • 00:28:54
    switch any brand and
  • 00:28:56
    there are actually resist towards
  • 00:28:59
    changes okay when you say okay let's
  • 00:29:01
    change your phone to the new smartphone
  • 00:29:05
    they don't really bother to buy the new
  • 00:29:07
    or the latest smartphone that are
  • 00:29:09
    available they don't even bother to
  • 00:29:11
    watch netflix and yeah they normally
  • 00:29:14
    spend time
  • 00:29:15
    perhaps some of them may have facebook
  • 00:29:18
    okay just to reconnect with the um
  • 00:29:22
    relatives okay their grandsons
  • 00:29:24
    granddaughters and so on right
  • 00:29:28
    next is generation x okay typically this
  • 00:29:30
    is your perhaps um some of your parents
  • 00:29:33
    okay
  • 00:29:34
    or i think some of your parents are
  • 00:29:36
    actually generation y also
  • 00:29:38
    um so these are the generation which uh
  • 00:29:41
    born between 1965 to 1976 there are
  • 00:29:45
    cautious economy outlook there are less
  • 00:29:48
    materialistics and
  • 00:29:49
    of course they normally have already
  • 00:29:51
    have their own family and they will
  • 00:29:53
    always put their family first okay so
  • 00:29:56
    there are now the working workforce made
  • 00:29:58
    up of
  • 00:29:59
    about 60 of them okay are actually in
  • 00:30:02
    the workforce at the senior levels right
  • 00:30:04
    or um
  • 00:30:06
    they are actually
  • 00:30:08
    um we talk about economic outlook
  • 00:30:11
    meaning to say they don't simply spend
  • 00:30:13
    their money okay they buy things that
  • 00:30:16
    are uh
  • 00:30:18
    for the family okay and then they'll
  • 00:30:20
    save a lot of money okay save a lot of
  • 00:30:23
    money for the family of course and for
  • 00:30:25
    the future
  • 00:30:26
    all right
  • 00:30:27
    next is the generation y
  • 00:30:30
    so generation y
  • 00:30:32
    are born between 1977 to 1995 right they
  • 00:30:36
    are very comfortable with the technology
  • 00:30:41
    these are
  • 00:30:42
    we call the millennial okay the
  • 00:30:45
    gen y or echo boomers right the
  • 00:30:48
    millennials uh they engage with brands
  • 00:30:51
    via mobile or social media and they are
  • 00:30:53
    the most financially strapped generation
  • 00:30:56
    because they like to spend a lot all
  • 00:30:58
    right um so the generation y
  • 00:31:02
    basically
  • 00:31:03
    are now at they are
  • 00:31:06
    working
  • 00:31:07
    um
  • 00:31:09
    first year or second year or perhaps um
  • 00:31:14
    trying to climbing up the career okay
  • 00:31:16
    there are in that particular uh
  • 00:31:19
    stage whereby there are of course
  • 00:31:22
    struggling towards their career and
  • 00:31:24
    trying to build their life right but
  • 00:31:27
    they are also
  • 00:31:28
    the one that likes to spend the money
  • 00:31:32
    because you know after you finish study
  • 00:31:34
    you started to get your job okay and
  • 00:31:36
    then you start to get the money and from
  • 00:31:39
    your salary and then you like to spend a
  • 00:31:41
    lot of things because normally you don't
  • 00:31:43
    really have a lot of commitment and you
  • 00:31:46
    don't really want to save because you
  • 00:31:48
    want to buy things that you want right
  • 00:31:51
    so
  • 00:31:52
    they are very bright they are always
  • 00:31:54
    engaging with the technology okay
  • 00:31:58
    of course these are the people who loves
  • 00:32:01
    to do online shopping
  • 00:32:02
    okay uh watch netflix okay and then this
  • 00:32:07
    one
  • 00:32:08
    not really concerned about the health
  • 00:32:10
    but this love is concerned about likes
  • 00:32:12
    okay the likings okay everything that
  • 00:32:15
    you they want to find of course they
  • 00:32:16
    will go and google things before they
  • 00:32:18
    make the decision to purchase things
  • 00:32:21
    okay
  • 00:32:22
    and lastly
  • 00:32:24
    you the generation z
  • 00:32:26
    okay i bet you know more about yourself
  • 00:32:29
    okay these are made up of the important
  • 00:32:32
    kids twins and things of the market
  • 00:32:34
    today and also represents the tomorrow's
  • 00:32:36
    market so your characteristics are
  • 00:32:39
    basically of course towards the gadget
  • 00:32:42
    all the time okay you are concerned
  • 00:32:45
    about
  • 00:32:46
    um
  • 00:32:47
    yeah everything that you want has to be
  • 00:32:49
    quick fast and easy okay you don't like
  • 00:32:52
    things that are very difficult this is
  • 00:32:55
    why generation z's normally like things
  • 00:32:57
    that are very simple okay less
  • 00:33:00
    complicated and very very um what they
  • 00:33:03
    call it
  • 00:33:05
    effective or efficient products okay
  • 00:33:09
    they are also the one of course they
  • 00:33:10
    don't have money yet normally generation
  • 00:33:13
    zs are depending so much on the parents
  • 00:33:15
    to buy their gadgets and things and they
  • 00:33:18
    are also very much concerns on the
  • 00:33:22
    social uh
  • 00:33:24
    virtual social networks okay
  • 00:33:27
    uh you're not talking about meeting up
  • 00:33:30
    in person but rather in the
  • 00:33:34
    uh virtual world like you know your tick
  • 00:33:36
    tock and so on okay
  • 00:33:42
    next okay um we have done with the
  • 00:33:45
    social and also demographic uh
  • 00:33:48
    forces or factors in the actual
  • 00:33:50
    environment now we move on to the
  • 00:33:52
    economy so there are three economic
  • 00:33:54
    indicators which are the purchasing
  • 00:33:56
    power inflation and also recession
  • 00:34:00
    now what is actually a purchasing power
  • 00:34:02
    is the value of a currency expressed in
  • 00:34:05
    terms of the amount of goods or services
  • 00:34:08
    that one unit of money can buy when you
  • 00:34:11
    talk about purchasing power we need to
  • 00:34:13
    say with the money
  • 00:34:15
    that you earn how much can you actually
  • 00:34:18
    buy right so that is purchasing power so
  • 00:34:23
    the
  • 00:34:23
    the more money that you have the more
  • 00:34:27
    purchasing power that you will be able
  • 00:34:30
    to have
  • 00:34:32
    next is inflation
  • 00:34:35
    so inflation is the rate of which
  • 00:34:38
    average price level of a basket of
  • 00:34:40
    selected goods and services in an
  • 00:34:43
    economy increases over a period of time
  • 00:34:46
    right
  • 00:34:47
    when it is the constant rise in the
  • 00:34:49
    general level of prices where a unit of
  • 00:34:52
    currency buys less than it did in the
  • 00:34:54
    prior period
  • 00:34:56
    okay you can see an example here how
  • 00:34:59
    inflation has changed the price of a cup
  • 00:35:01
    of coffee over time i'm not talking
  • 00:35:03
    about the starbucks coffee here okay i'm
  • 00:35:05
    talking about just uh
  • 00:35:07
    kopi oh right in kane mama or
  • 00:35:10
    um
  • 00:35:13
    right
  • 00:35:13
    so previously back in 1970s a cup of
  • 00:35:16
    coffee can just cost you at 25 cents can
  • 00:35:20
    you imagine
  • 00:35:21
    okay 25 cents you can have a cup of
  • 00:35:23
    coffee already
  • 00:35:24
    right and in 2019 perhaps one cup of
  • 00:35:28
    coffee is already
  • 00:35:30
    one ringgit and 60 cents
  • 00:35:35
    and today how much is a cup of coffee
  • 00:35:38
    uh i seldom go to kedai mama or okay
  • 00:35:42
    kopi already
  • 00:35:43
    but then i guess there is no such thing
  • 00:35:45
    as as
  • 00:35:47
    coffee that is below touring it right
  • 00:35:49
    now okay i think today the cheapest that
  • 00:35:52
    you can get perhaps 250
  • 00:35:54
    or most of the shops i think for ringgit
  • 00:35:58
    for a cup of coffee so last time it was
  • 00:36:01
    just about 25 cents and today the same
  • 00:36:04
    cup of coffee right can cost you up to
  • 00:36:07
    to bring it that is inflation
  • 00:36:12
    okay next is recession recession is
  • 00:36:15
    where
  • 00:36:16
    a situation when the economy declines
  • 00:36:20
    significantly for at least six months
  • 00:36:23
    all right and there is a drop in income
  • 00:36:25
    employment manufacturing and retail
  • 00:36:28
    sales a recession happen when there is
  • 00:36:30
    an economic downturn basically right so
  • 00:36:33
    this is what happened when recession
  • 00:36:35
    people are normally
  • 00:36:37
    do not have their
  • 00:36:39
    income uh
  • 00:36:41
    luckily yeah that's why during the
  • 00:36:43
    pandemic right during the pandemic of um
  • 00:36:46
    coffee 19
  • 00:36:47
    uh our government do a lot of lockdowns
  • 00:36:50
    the mco and so on whereby a lot of
  • 00:36:53
    people lost their job right so oh
  • 00:36:57
    the government do not want this to
  • 00:36:59
    happen more than six months because once
  • 00:37:01
    it happens more than six months then
  • 00:37:03
    there will be an economic downturn so
  • 00:37:05
    that's why the mco is not done um you
  • 00:37:08
    know straight for
  • 00:37:10
    six months right they just stop three
  • 00:37:12
    months and then they open it up and then
  • 00:37:14
    of course there are some situation
  • 00:37:16
    whereby they need to restrict the slp
  • 00:37:18
    and so on so uh what happened is that if
  • 00:37:21
    there is a recession everything will
  • 00:37:24
    drop okay your income meaning people
  • 00:37:27
    lost their job when people lost their
  • 00:37:28
    job there is an unemployment okay drop
  • 00:37:32
    in employment meaning there are a lot of
  • 00:37:33
    people unemployed when people are
  • 00:37:35
    unemployed
  • 00:37:37
    people don't have income when people
  • 00:37:39
    don't have income then it leads to
  • 00:37:41
    another social problems like
  • 00:37:43
    you know people start to steal things
  • 00:37:46
    right
  • 00:37:48
    what they call the crime rate increases
  • 00:37:50
    and so on okay so uh what happened also
  • 00:37:54
    is that as people do not have money as
  • 00:37:56
    income drop when people don't have money
  • 00:37:58
    people don't buy things when people
  • 00:38:00
    don't buy things people cannot sell
  • 00:38:02
    things okay the sellers the businesses
  • 00:38:04
    cannot sell their product because nobody
  • 00:38:06
    is buying so when they cannot sell the
  • 00:38:08
    product people don't buy they need to
  • 00:38:10
    close their shop when they close their
  • 00:38:12
    shop then they need to close the factory
  • 00:38:14
    once they close the factory a lot of
  • 00:38:16
    other peoples are affected to that
  • 00:38:18
    particular factory no more people
  • 00:38:20
    working so it's actually a domino effect
  • 00:38:23
    and it happens yeah uh back in 2007
  • 00:38:28
    uh 1997 because uh i don't know somehow
  • 00:38:31
    already they say that every 10 years
  • 00:38:33
    okay there will be this particular
  • 00:38:35
    recession that happened
  • 00:38:38
    so what will be the um how to say uh how
  • 00:38:42
    does it affect the marketing okay so the
  • 00:38:44
    marketers will need to
  • 00:38:46
    offer value marketing which offering
  • 00:38:49
    financially cautious buyer a greater
  • 00:38:51
    value all right with the right
  • 00:38:53
    combination of quality and service at a
  • 00:38:55
    fair price okay so that people will feel
  • 00:38:59
    that okay although the income is not
  • 00:39:00
    that good all right or although the
  • 00:39:02
    things are getting more expensive but
  • 00:39:04
    there is a value that they buy okay best
  • 00:39:07
    values
  • 00:39:08
    moving on to the third one which is
  • 00:39:11
    technology
  • 00:39:14
    is where
  • 00:39:16
    the most dramatic force in changing the
  • 00:39:18
    marketplace okay technology
  • 00:39:21
    change every day okay and very fast
  • 00:39:25
    right where there are researchers that
  • 00:39:27
    create new products so new products
  • 00:39:30
    creates new opportunities especially
  • 00:39:32
    when you talk about the internet okay
  • 00:39:34
    last time people was thinking about
  • 00:39:35
    internet for what for finding
  • 00:39:37
    information alone okay
  • 00:39:39
    why you have internet for communication
  • 00:39:41
    alone you know you want to send email
  • 00:39:45
    you want to
  • 00:39:46
    chat with your friend
  • 00:39:48
    that is about it but today the internet
  • 00:39:50
    has
  • 00:39:51
    made a lot more new opportunities
  • 00:39:54
    especially in business whereby you can
  • 00:39:56
    have your online businesses okay when
  • 00:39:59
    there is an online businesses you're
  • 00:40:01
    talking about online purchases
  • 00:40:04
    globally okay so there is where um now
  • 00:40:08
    the technology has also involved in
  • 00:40:10
    global innovation whereby
  • 00:40:13
    people can actually
  • 00:40:15
    what they call it
  • 00:40:16
    create product not only at just one
  • 00:40:19
    place but at many places
  • 00:40:21
    and
  • 00:40:22
    [Music]
  • 00:40:23
    you can actually
  • 00:40:25
    like apple for example design in
  • 00:40:27
    california they are made in china but
  • 00:40:29
    then they are actually after that seoul
  • 00:40:31
    everywhere across the world isn't it
  • 00:40:33
    okay so that is how global innovation
  • 00:40:35
    works and of course with this technology
  • 00:40:38
    there are constant for safety of the new
  • 00:40:40
    products
  • 00:40:42
    because um it's
  • 00:40:44
    uh
  • 00:40:45
    borderless right so there are no
  • 00:40:47
    boundaries about a particular product
  • 00:40:50
    and yes other than that we are also
  • 00:40:54
    concerning about our privacy okay
  • 00:40:57
    because once you
  • 00:40:58
    made online payment of course
  • 00:41:01
    uh there are details that are being
  • 00:41:04
    shared online where you do not know
  • 00:41:06
    where will the information actually went
  • 00:41:08
    true
  • 00:41:12
    number four is political and legal okay
  • 00:41:14
    these are the factors that will also
  • 00:41:16
    affect or consider as the excel
  • 00:41:18
    marketing environment in the way that
  • 00:41:21
    political and legal environment consists
  • 00:41:22
    of laws okay government advances and
  • 00:41:25
    pressure groups that influence or
  • 00:41:27
    influence various organizations and
  • 00:41:29
    individuals in a given society
  • 00:41:33
    so the legislations basically related to
  • 00:41:35
    laws yeah the federal law the state law
  • 00:41:38
    will regulate the business therefore it
  • 00:41:40
    will increase in some of the legislation
  • 00:41:42
    changing the government agency
  • 00:41:44
    enforcement and so on so remember when
  • 00:41:47
    um because of the asop who actually come
  • 00:41:50
    up with that sop it's from the political
  • 00:41:52
    and legal the legislation right so when
  • 00:41:55
    uh kkm commenting cassette malaysia says
  • 00:41:58
    that okay because of this coffee 19
  • 00:42:00
    there are a lot of things that need to
  • 00:42:02
    be changed we want to have the physical
  • 00:42:04
    licensing uh we want to make sure that
  • 00:42:07
    people
  • 00:42:08
    don't go to the shop that often or that
  • 00:42:11
    long and wearing masks and so on okay so
  • 00:42:14
    the businesses right they need to also
  • 00:42:17
    adjust to that remember during the mco
  • 00:42:20
    the timing that you can actually operate
  • 00:42:22
    for a business is only between certain
  • 00:42:24
    time so you have to follow so all these
  • 00:42:26
    are perhaps you open from 10 to 10 but
  • 00:42:28
    because of the uh
  • 00:42:31
    lows all right
  • 00:42:33
    the federal lows and also some of the
  • 00:42:35
    states low regulate certain uh hours
  • 00:42:38
    only that you can actually operate so
  • 00:42:40
    you have to follow that okay
  • 00:42:42
    and uh there are also increased
  • 00:42:44
    emphasize overseas on the ethics again
  • 00:42:48
    uh having this socially responsible
  • 00:42:50
    behavior especially to protect the
  • 00:42:52
    customers okay and also some course
  • 00:42:55
    related marketing which
  • 00:42:57
    this is about the societal marketing
  • 00:42:59
    orientation that i mentioned just now
  • 00:43:01
    you are no longer just selling the
  • 00:43:03
    product just for your customer and for
  • 00:43:06
    you to gain the profit but also um
  • 00:43:10
    at the same time when you say that okay
  • 00:43:13
    we also need to
  • 00:43:14
    help in
  • 00:43:15
    you know containing the kovi 19 virus
  • 00:43:19
    stop spreading the virus and so on so
  • 00:43:22
    there are much more cost related
  • 00:43:24
    marketing that happens today
  • 00:43:28
    lastly the competitors all right so
  • 00:43:31
    competitors we're talking about who are
  • 00:43:32
    these competitors you know what is
  • 00:43:34
    competitors competitors are actually
  • 00:43:36
    sellers who sells the similar products
  • 00:43:39
    like what you are having okay for
  • 00:43:41
    example apple iphone their comparators
  • 00:43:44
    could be samsung salinger samsung
  • 00:43:47
    smartphone
  • 00:43:48
    oppo smartphone what else huawei
  • 00:43:50
    smartphones right so these are
  • 00:43:53
    competitors how many of them you need to
  • 00:43:55
    know because um
  • 00:43:57
    if you think that you are the only
  • 00:43:59
    seller you are wrong okay because today
  • 00:44:02
    there is no such thing as that one brand
  • 00:44:05
    alone or one product that do not have
  • 00:44:07
    the substitute okay so you may want to
  • 00:44:10
    look also on how big are these
  • 00:44:12
    comparators are
  • 00:44:14
    are they smaller than you or are they
  • 00:44:17
    bigger than you and how interdependent
  • 00:44:19
    is the industry meaning to say do you
  • 00:44:22
    need other industry in order to operate
  • 00:44:25
    especially let's say apple or samsung
  • 00:44:27
    phonia you are very much
  • 00:44:30
    relying on the telecommunication
  • 00:44:32
    industry okay the mobile phone industry
  • 00:44:35
    are very independent very depending on
  • 00:44:38
    the telecommunication industry what is
  • 00:44:42
    the purpose of having a smartphone
  • 00:44:44
    without the internet line for example
  • 00:44:46
    okay so this is when you need to know um
  • 00:44:49
    what are the industries that you need in
  • 00:44:51
    order to be able to sell your product
  • 00:44:54
    same goes to cars okay
  • 00:44:57
    why is the purpose of having cars if
  • 00:44:59
    there's no fuel inside the car why not
  • 00:45:02
    okay so talking about the competitors
  • 00:45:04
    also you're looking at the competition
  • 00:45:06
    for market share and profit
  • 00:45:08
    so um regardless of the form of the
  • 00:45:10
    competitive market as population growth
  • 00:45:13
    slows okay i mean to say people i know
  • 00:45:16
    not many people are actually
  • 00:45:19
    added up to that particular market uh
  • 00:45:22
    market share okay costs will rise and
  • 00:45:24
    available resources will tighten firms
  • 00:45:26
    find they must work harder to maintain
  • 00:45:29
    their profits and market share okay when
  • 00:45:31
    you talk about market share you have to
  • 00:45:33
    remember like i told you
  • 00:45:35
    you are not the only seller so among the
  • 00:45:37
    market
  • 00:45:38
    the people yeah people they are not
  • 00:45:41
    necessarily only gonna buy from you they
  • 00:45:43
    will also buy from other sellers
  • 00:45:46
    all right so your share meaning to say
  • 00:45:48
    if you have many customers
  • 00:45:50
    you have bigger share all right so of
  • 00:45:53
    course you want many more shares or many
  • 00:45:55
    more customers to buy from you right and
  • 00:45:58
    talking about the global competition
  • 00:46:00
    there are more foreign firms entering
  • 00:46:02
    the country even if they don't enter
  • 00:46:04
    also because of the internet right
  • 00:46:06
    because of the online shopping
  • 00:46:08
    platforms like lazada alibaba shopee and
  • 00:46:11
    so on right even a certain website also
  • 00:46:14
    you can just buy from wherever they are
  • 00:46:17
    where
  • 00:46:18
    shipment is available worldwide so there
  • 00:46:21
    is an increase in global competition so
  • 00:46:23
    how are you going to compete with this
  • 00:46:25
    particular firms of course
  • 00:46:27
    you may want you cannot compare with
  • 00:46:30
    products made from china which are very
  • 00:46:33
    cheap okay and sellers from china are
  • 00:46:35
    also normally selling their products at
  • 00:46:37
    very cheap prices
  • 00:46:39
    so what you need to do you need to
  • 00:46:41
    compete with them
  • 00:46:42
    okay not only just last time perhaps we
  • 00:46:45
    will think about okay some imported cars
  • 00:46:48
    and local cars so the local cars need to
  • 00:46:50
    compete with how good is the quality so
  • 00:46:53
    it is no longer just about the quality
  • 00:46:56
    okay
  • 00:46:57
    it's about what are the added values
  • 00:47:00
    that you can give so that you'll be able
  • 00:47:02
    to compete with the international brands
  • 00:47:06
    okay
  • 00:47:07
    so with that all right we finished up to
  • 00:47:09
    one and i would like to say that
  • 00:47:11
    marketing affects your life every day
  • 00:47:14
    yes because as you wake up in the
  • 00:47:16
    morning you start to use a product so
  • 00:47:19
    that product is the decision that you
  • 00:47:21
    make to actually buy it or perhaps
  • 00:47:24
    somebody gave it to you and you you tend
  • 00:47:26
    to like that particular product and as
  • 00:47:28
    you scroll through your instagram your
  • 00:47:31
    tick tock you are you are exposed to a
  • 00:47:33
    lot of advertisement okay and um yeah
  • 00:47:37
    without all those products you cannot
  • 00:47:40
    live sometimes right not of course
  • 00:47:42
    especially food yeah food is also
  • 00:47:44
    marketing marketing about a product that
  • 00:47:46
    you offer okay so it affects your life
  • 00:47:49
    every day and without the products
  • 00:47:51
    itself you'll be able to you will not be
  • 00:47:53
    able to actually um
  • 00:47:55
    leave in a convenient way or convenient
  • 00:47:58
    matter all right so with that we finish
  • 00:48:00
    up the one if you have any questions
  • 00:48:02
    please do ask me in our telegram chat
  • 00:48:05
    thank you guys bye bye
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